---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-024784"
form_type: "8-K"
ticker: "LQDA"
cik: "0001819576"
company_name: "Liquidia Corp"
filed_at: "2025-03-18T23:59:59+00:00"
generated_at: "2026-05-24T14:17:49.422824+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Liquidia secures up to $100M in additional financing from HCR for YUTREPIA commercialization

## Summary
- $25M funded at closing; $50M contingent on first commercial sale of YUTREPIA after FDA approval for PAH/PH-ILD (no injunction).
- Additional $25M available if YUTREPIA net sales exceed $100M by June 30, 2026, subject to mutual agreement.
- Payments capped at 175% of amounts advanced; minimum IRR rates: 16%/13%/12% for three new tranches.
- CFO: combination of proceeds and successful YUTREPIA launch could lead to profitability without additional capital.
- Proceeds to fund YUTREPIA commercial development, clinical trials, L606 development, and general corporate purposes.

## SEC filing metadata
- accession: 0001104659-25-024784
- form_type: 8-K
- ticker: LQDA
- cik: 0001819576
- company_name: Liquidia Corp
- filed_at: 2025-03-18T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819576/000110465925024784/0001104659-25-024784-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819576/000110465925024784/tm259465d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-024784
- JSON: https://secwatch.observer/filing/0001104659-25-024784.json
- Plain text: https://secwatch.observer/filing/0001104659-25-024784.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.